Filing Flows › Energy Transfer LP (ET) › Q2 2026
Energy Transfer LP (ET) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Energy Transfer LP (ET) reported revenue of $34.3B for the second quarter 2026 (Q2 2026), +78% from a year earlier and +24% from the quarter before. Operating margin was 10.4%, net earnings $2.1B (6.1% of revenue).
Energy Transfer LP, Q2 2026: revenue $34.3B (+78% year over year), operating margin 10.4%, net earnings $2.1B, operating cash flow $4.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.3B | +24% | +78% |
| Operating profit | $3.6B | +20% | +55% |
| Net earnings | $2.1B | +67% | +80% |
| Operating cash flow | $4.3B | +26% | +55% |
| Free cash flow | $2.7B | +85% | +145% |
What changed
Revenue was $34.3B in Q2 2026, up 78% year over year and up 24% from the previous quarter. Refined product sales was the largest line at 40% of revenue. Refined product sales added $8.7B year over year (up 167%), 57% of the total change. Natural gas sales declined 62%.
Operating profit was $3.6B, a 10.4% margin (down 1.6 points year over year). Of the extra revenue versus Q2 2025, 8% reached operating profit, below the 12% margin then. Total costs grew 82% against revenue growth of 78%. The fastest-growing cost line was Cost of revenue (+93%). Net earnings were $2.1B, up 80% year over year. The effective tax rate was 7.1%.
Operating cash flow was $4.3B (up 55% year over year), 169% of net income including minority interests. Non-cash charges added back $1.6B of depreciation and amortization and $0.05B of share-based compensation. Capital expenditures of $1.6B left free cash flow of $2.7B.
Questions
What was Energy Transfer LP's revenue in the second quarter 2026?
Energy Transfer LP (ET) reported revenue of $34.3B for the second quarter 2026 (Q2 2026), +78% from a year earlier and +24% from the quarter before.
Was Energy Transfer LP profitable in the second quarter 2026?
Operating profit was $3.6B (10.4% of revenue) and net earnings $2.1B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.